CBIC exempts Coins of Precious metals and other related Metals from Social Welfare Surcharge
Governments often utilize the Social Welfare Surcharge to finance programs related to education, healthcare, poverty alleviation, and other social welfare schemes
The Central Board of Indirect Taxes and Customs ( CBIC ) has issued Notification No. 04/2024 – Customs on January 22, 2024, introducing amendments to Notification No. 11/2018 dated February 2, 2018. This amendment, executed under the authority vested by the Customs Act, 1962 and the Finance Act, 2018, holds the objective of exempting specific entries from the Social Welfare Surcharge ( SWS...
The Central Board of Indirect Taxes and Customs ( CBIC ) has issued Notification No. 04/2024 – Customs on January 22, 2024, introducing amendments to Notification No. 11/2018 dated February 2, 2018. This amendment, executed under the authority vested by the Customs Act, 1962 and the Finance Act, 2018, holds the objective of exempting specific entries from the Social Welfare Surcharge ( SWS ) for the greater benefit of the public.
The notified changes encompass the addition of new entries, specifically 54A and 56A, which pertain to spent catalyst and ash containing precious metals, and coins of precious metals, respectively. These inclusions indicate a targeted approach to providing relief and exemptions in the taxation framework for these specific categories.
Furthermore, modifications have been applied to entry 55 through the substitution of specified serial numbers. These alterations underscore the dynamic nature of legislative measures as authorities strive to align policies with evolving economic and industrial landscapes.
The exemption from Social Welfare Surcharge for entries related to spent catalyst, ash containing precious metals, and coins of precious metals reflects a nuanced approach by CBIC, taking into account the intricacies and unique characteristics of these commodities.
Social Welfare Surcharge
The Social Welfare Surcharge ( SWS ) is a supplementary levy imposed on certain goods and services to generate additional revenue for funding social welfare programs and initiatives. This surcharge is typically introduced as part of the government's efforts to mobilise resources for the welfare of society, addressing various social and economic challenges.
Governments often utilize the Social Welfare Surcharge to finance programs related to education, healthcare, poverty alleviation, and other social welfare schemes. The imposition of this surcharge allows authorities to earmark specific funds for projects aimed at improving the overall well-being and living standards of the population.
It's important to note that the Social Welfare Surcharge is distinct from regular taxes and is earmarked for social welfare purposes explicitly. Governments periodically review and adjust the applicability and rates of this surcharge based on changing social and economic priorities.
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